Spot rubber drops to Rs 100/kg
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Rubber prices made heavy losses on Monday. The domestic mood was visibly bearish as the rubber futures came under unabated selling on Tokyo Commodity Exchange with its most active contracts from November to March hitting the daily downward limit of ¥16. Sheet rubber RSS 4 closed extremely weak at Rs 100 a kg from Rs 106 a kg on the previous weekend. Though the fall is good for the manufacturing industries, it is detrimental to the interests of the rubber plantation industry which supports about 10 lakh small and marginal farmers in India, Prof K.K.Abraham, President Pala Marketing Cooperative Ltd told Business Line. As they are the prime beneficiaries of the price hike, any sharp fall in the rubber market would hit them direct, he said commenting on the repercussions of the falling rubber prices.
Futures nosedive
RSS 3 fell sharply at its October contract to ¥247.4 (Rs 114.28) from ¥263.7, November to ¥246 (262), December to ¥228.2 (244.2), January to ¥226.2 (242.2), February to ¥226.6 (242.6) and March to ¥226.3 (242.3) a kg at TOCOM. The grade (spot) declined to Rs 117.18 (120.05) a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 100 (106); RSS-5: 97 (104.50); ungraded: 95 (100); ISNR 20: 96 (102.50) and latex 60 per cent: 74 (76).
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Source : Business Line |
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